Phil Grossfield's Blog


The Very Fiber of America Homeownership

My Schedule…and A Little Extra:   One of my Brokers wrote this and I liked it so here it is with is permission (emphasis added):

WHAT I THINK – I’ve been at this mortgage brokering business for 25 years. In my earlier years borrowers would be mortified and embarrassed to broach the subject of foreclosure. Short-sale wasn’t even a term back in the day. Recent times have certainly seen changed values. A recent study by ID Analytics and JZ Analytics found that 32 percent of respondents say that homeowners should be able to walk away from their mortgages without any consequences. This entitlement mentality, if it continues to fester, may ruin the very fiber of America homeownership. Nobody will want to invest in mortgages, not even the U.S. government. Pride, responsibility and fair dealings continue to fade away as important values to too many Americans. It’s sad enough that some borrowers have not been able to pay their monthly mortgage payments. Then came the “won’t pay borrowers” – those that have the means to pay but refuse to pay. The ultimate chutzpah now goes to those pathetic borrowers that think there should be no consequences for walking away from their home loan. Yes, the banksters have been so horrible on so many levels. But, come on. Two wrongs don’t make a right. Entitlement thinking is nothing short of mental cancer. Chapter One of the homebuyer education course that HUD recently announced will be mandated for FHA borrowers should start with the definitions for accountability and consequences. Maybe this can get us back on track to the good old days.  

Let me know your thoughts….


My Market Watch:  Friday is the big monthly Jobs Report which will no doubt affect trading and push rates/pricing in one direction.  In general terms, a strong Jobs Report will give traders the indication the economy is doing well since more people are working.  Therefore, a strong Jobs Report motivates traders to put their money into stocks rather than bonds and when that happens rates/pricing typically get worse.  On the other hand, if the Jobs Report comes in weak, then traders conclude the economy is not doing well and they will pull their money out of stocks and invest in bonds instead.  When that happens, typically rates/pricing get better.  Let me know if you have any questions, okay?   My Disclaimer

My Schedule This Week: Tomorrow I travel to Chicago for our annual Sales Conference and Holiday Party.  I will be traveling most of the day Wednesday and will be generally unavailable all day Thursday and Friday while in training meetings.  I am taking suggestions if you would like me to bring anything up about our procedures, etc.

My Schedule Today: Very busy day for me…I have a 10:30a appointment in Irvine and a 2:30p appointment in San Diego.  In-between I will be driving, eating, returning phone calls and trying to get caught up on emails….

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